NZ Oil & Gas lifts stake in Pan Pacific to 14.9%

NZ Oil & Gas lifts stake in Pan Pacific to
14.9%

Dec. 22 – New Zealand Oil & Gas
Ltd., whose shares have gained 10% this year while the NZX
50 Index tumbled, has lifted its holding in Pan Pacific
Petroleum to 14.9% after announcing plans to buy a strategic
stake in its drilling partner.

The acquisition
increases NZOG’s exposure to the Tui oil field, one of its
most lucrative ventures. Australian Foreign Investment
Review Board rules restrict NZOG from gaining more than 15%
of the Australian oil company unless it gains clearance,
which it isn’t immediately seeking, NZOG said in a
statement last week.

Pan Pacific holds 10% of the Tui
oil field while NZOG has 12.5%. Investors have been awaiting
moves by NZOG to acquire more reserves or make
acquisitions.

Production from Tui began in July 2007
and proven and provable reserves were increased to 50.1
million barrels in June this year. It raised NZ$190 million
through the exercise of options in 2008, stoking its war
chest, and said it is “actively pursuing” new growth
opportunities.

In October, the company agreed to
acquire an interest in a permit in the offshore Canterbury
Basin, making it the biggest holder in permit PEP38259. The
permit gives access to the Barque gas and condensate
prospect, which NZOG estimates has recoverable resources of
600 billion cubic feet of gas and 58 million barrels of
light oil.

NZOG’s shares fell 0.8% to NZ$1.27 today
after crude oil for January delivery edged lower to US$36 a
barrel on the New York Mercantile Exchange on
Friday.

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